The 93,000 sq ft City West business park, close to Junction 1 of the M621 in Leeds, has been bought by property company Overcliff Ltd for an undisclosed sum.
The business park, whose occupiers include Regus, Cennox, Ascensor and Sedgwick, was previously owned by Harbert and asset managed by XLB Property.
The office park is managed by Salford-based Davlea Estates, who have appointed the Leeds offices of property consultancies Knight Frank and Sanderson Weatherall as joint letting agents.
David Reisner of Davlea Estates explained: “My client purchased the property as they felt the building was in a great location and in very good condition but clearly unloved. The service charge was very high and they felt if tenants had a caring landlord, there would be more demand. We have already saved a lot of money and we plan to refurbish the reception area very shortly.
“We met plenty of agents but both Knight Frank and Sanderson Weatherall demonstrated their market expertise and both had a lot of passion, which is what we need to let the space.”
Elizabeth Ridler, office agency partner at Knight Frank, said: “Following this significant deal, we will be asset managing and working with existing occupiers who want to grow their presence on this under-valued office park.
“Under the new ownership, there will be investment in the buildings, including improving the reception area to create a sense of arrival, together with high-quality end-of-journey facilities.”
Ms Ridler continued: “This is a rather special appointment for both myself and Richard Thornton of Sanderson Weatherall, as we were both involved in letting City West on behalf of the original developers Tiger Developments back in the day. It is wonderful to be promoting City West again.”
Richard Thornton of Sanderson Weatherall added: “Sanderson Weatherall are delighted to have been appointed as joint lettings agents with Knight Frank. I for one am very much looking forward to working on letting City West again with Lizzie Ridler.
“It is great to be back involved advising Davlea Estates, who are undertaking a contemporary refurbishment of the reception areas and upgrade the space. The attractive fundamentals of the scheme have not changed with City West being ideally located so close to the M621 with the White Rose Shopping Centre very close by.”
